Used as an intermediate in the synthesis of pharmaceuticals, particularly in the production of beta-blockers and other cardiovascular drugs. Its structure supports the development of compounds with adrenergic receptor blocking activity. Also employed in the preparation of functionalized polymers and as a building block in medicinal chemistry for designing bioactive molecules. Shows utility in creating derivatives with potential antimicrobial or anti-inflammatory properties. Soluble in water and polar solvents, making it suitable for use in aqueous reaction systems.